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Thursday, March 28, 2024

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  1. phil

    China Mobile off slightly after posting Q1 numbers

    01:01 PM ET · CHL

    • China Mobile (CHL -0.5%) had Q1 revenue of RMB154.8B ($24.8B), +8% Y/Y and above a Bloomberg consensus of RMB142B. But 4G network investments and iPhone subsidies led net income to come in at RMB25.2B ($4B), -9% Y/Y and below a consensus of RMB27B.
    • The world’s biggest carrier saw its customer base grow by 13.9M in Q1 to 781.1M. 3G subs grew by 33.4M to 225M, and 4G subs totaled 2.79M at quarter’s end (services were launched in December).
    • Mobile messaging competition (most notably from Tencent’s WeChat) led SMS activity to fall 20% Y/Y to 192.7B messages. Voice usage rose fractionally to 1.04T minutes, and mobile data traffic (not including Wi-Fi) grew 83% to 190.1B MB.
    • Going forward, a telecom VAT and competition from MVNOs might also pressure CHL’s bottom line.
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